On March 2, 2022 Targovax ASA (OSE:TRVX) ("Targovax" or the "Company") reported that it has resolved to increase the share capital of the Company following the completion of an exercise period for vested share options under the Company’s long-term incentive program for employees and the completion of a settlement period for vested restricted stock units ("RSUs") (Press release, Targovax, MAR 2, 2022, View Source [SID1234609384]). The exercise period for the LTI program and the settlement period for the RSUs lasted from 28 February 2022 at 10:00 hours (CET) to 2 March 2022 at 10:00 hours (CET).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Exercise of options
In total, 7,479 options, each with a subscription price of NOK 0.51 per share were exercised, giving the option holder the right to subscribe for 7,479 shares, each with a par value of NOK 0.10.
Settlement of RSUs
In total, 88,351 RSUs were settled by Robert Burns, giving the RSU holder the right to subscribe for 88,351 shares in total, each with a par value of NOK 0.10, at a subscription price of NOK 0.10 per share.
The RSU holder received the RSUs as part of its remuneration for its directorship. The number of RSUs granted was calculated as the NOK amount of the RSU selected portion of the total remuneration to the respective board member, divided by the market price for the shares, calculated as the volume weighted average share price for the 10 trading days prior to the relevant AGM, being NOK 6.34 per share in 2019 and NOK 6.81 per share in 2020.
Resolutions to increase the share capital in Targovax ASA
The Company’s board of directors has on 2 March 2021, in accordance with the authorisation granted by the general meeting on 17 March 2021, resolved:
to increase the share capital with NOK 747.90 by the issuance of 7,479 new shares, each with a par value of NOK 0.10 in order to facilitate the exercise of options; and
to increase the share capital with NOK 8,835.10 by the issuance of 88 351 new shares, each with a par value of NOK 0.10 in order to facilitate the settlement of RSUs.
Accordingly, the new share capital of the Company will be NOK 18,842,242.10, divided into 188,422,421 shares, each with a par value of NOK 0.10. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically possible after the share contribution has been fully paid.